Niche Financial director Moshe Moses explains why he never says the banks are at fault.
Misunderstandings with lenders are a fact of life for brokers, but blaming the banks will benefit no one, says Niche Financial director Moshe Moses.
Many brokers know well the frustration when something beyond your control creates a hiccup in the mortgage process. Not only does it create more work for you, it can directly affect your client’s satisfaction with your service and therefore your chance of referrals.
However tagging the lenders with the blame, especially in front of clients, will only damage your business in the long run, says Moses.
“The minute you do that your offering is shot,” says Moses. “If a broker or planner ever blames the service provider, then your own service platform has been diminished. The reason you’re there is that you’re the intermediary between the bank and the customer to ensure the customer gets optimum service.
“Regardless of what happens in back, whether the bank falls over or doesn’t get the documents to you or whatever, it is your obligation as a broker or a planner to ensure that the customer doesn’t know about it. All the customer wants to hear is I’ve solved your problem, I’ve got your loan or your insurance and here are your documents.”
If you’re unable to deliver this you will inevitably lose clients to the lenders, says Moses.
“The client is going to scratch his head and say ‘Well why am I coming to you if I can get the same poor service if I go direct to the bank?' The only point of difference you can try to offer outside of a bank has got to be your service.”
Niche Financial was recently awarded the AMA Brokerage of the Year award for Diversification, but without exceptional service any offering loses its value, says Moses.
“You can have whatever products or services under the sun, whatever diversification you’re proposing to do and you can be the best home loan broker in the world, but if your service piece isn’t there it really doesn’t matter.
“That’s the most essential element of every business and that’s one that we always ensure we never drop on.”
Do you think this is a problem in the industry? What other bad business habits have you seen in broking? Share your thoughts below.
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